NICOSIA - The Bank of Cyprus (BoC) is on a very good course, Chairman of the BoC board, Christis Hassapis, said on Tuesday, expressing the conviction that the bank will pass the stress test in March 2014.
Hassapis was speaking after a meeting with the General Secretary of left wing Akel party, Andros Kyprianou. He said that the bank is currently ‘on a very good course’ noting that there are better days before us.
Asked whether he believes that the Bank of Cyprus will pass the stress test due in March in the Eurozone, Hassapis expressed the view that there should be no problem for the bank.
“There are four Cypriot banks that will go through this test and many from the EU. I can not exactly tell, but I believe that the bank will pass this test and we will have no problem”, he told journalists.
Replying to questions, Hassapis said that the bank has set up management units for the regulation of loans adding that the BoC will be in a position to support Cypriot business.
On March 25 2013 Cyprus and the Troika agreed on a €10 billion bailout which featured an unprecedented haircut on uninsured deposits in a bid to recapitalize the Bank of Cyprus, the island`s largest lender. The bailout also provided that Cyprus Popular Bank, the island’s second largest bank would be wound down with its good part absorbed by the Bank of Cyprus.